Section 15: Dissolution and liquidation of bank
126 words·~1 min read·
/ma/part-i/title-xxii/chapter-167i/15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 15. Subject to the written approval of the commissioner, a bank may be dissolved and liquidate its affairs if authorized by a vote passed, at a meeting specially called to consider the subject, by at least 2/3 of the voting body of the bank. A committee of 3 members shall thereupon be elected, and, under such regulations as may be prescribed by the commissioner, shall liquidate the assets and after satisfying all debts of the bank shall distribute the remaining proceeds among those entitled thereto in proportion to their respective interests therein.
For the purposes of this section, ''members'' shall mean trustees in a savings bank in mutual form; shareholders in a co-operative bank in mutual form and stockholders in a bank in stock form.